The business world stayed pretty much the same for a century or so after the Industrial Revolution, but it’s probably pretty safe to say that’s never going to happen again. The exponential rate at which technology is developing, mutating, and adapting, especially throughout 2021, is so fast that you can’t help but be swept away in a tidal wave of progress—whether you’re ready for it or not.
You might not think we’ve come that far, but if you had access to a time machine and went back less than 10 years, you’d be shocked to see:
- A lack of centralized work communications to maximize efficiencies regardless of location (think Slack).
- The relative non-existence of new formats for marketing businesses like Instagram.
- No Internet of Things or voice searches for products and information.
- Non-usage of short-form video sharing for personal and business.
Technology has changed every aspect of the way any business operates, and never before in history has that change occurred so fast.
Below you’ll find eight ways in which technology has fundamentally changed business (for better or worse).
1. The Way We Communicate + Share Information
Communication is effective when technology digs into customer information to help us create personalized messaging. Automated communications using a variety of channels help businesses boost marketing productivity and reach customers, as well. But we need to be mindful that, taken too far, we could lose the ability to build customer relationships—and lose the human touch in our brands.
2. Mobile-First Business Environments
Mobile-First is here to stay. Smart devices or tablets with the right software allow for remote management of every aspect of your business. Everything from your sales enablement, content marketing, and customer relations through back-end processes like shipping and invoicing are all at the click of a button. But mobile isn’t just for you—it’s also for your consumers.
With the rise of Generation Y (Millennials), more people are using mobile devices to buy, sell, shop, find local businesses. They share their retail experiences with friends, acquaintances, prospects, and Instagram strangers every day.
3.Improved Access to Information and Data
Cloud computing and technology make it easier than ever to research and find data without leaving the office. Since you can access everything from SaaS to manage your workflow and processes to statistics and research data from your own workstation.You and your business can be more agile and better equipped to make decisions.
Enhanced access to data is for more than external research purposes; it can streamline and improve your internal services as well. From the ability to offer your customer service team not only a way to connect with customers but a way to instantly access complete customer history, you can provide a better user experience for anyone who interacts with your brand.
4.Teach your team to work with data and AI solutions
Modern businesses are currently facing a major shortage of technical talent, which means that many companies could have to upskill current employees rather than hire new ones. Companies interested in integrating AI will first need to ensure they have the data and the employee expertise to actually benefit from these solutions.
Don’t wait five years to see how AI changes your industry. Instead, lead the change by making the technology part of your DNA today.
5.Better targeting
It’s now easier than ever to segment your customer groups and figure out how to target specific ones more adequately. Targeted marketing is no longer a guessing game, and in fact, you should be able to see some very predictable results with relatively little effort if you use the right kind of technology. When you throw AI into the mix as well, you have a potentially very powerful solution that can be a game changer. This kind of technology admittedly requires more expertise to utilize correctly, but if your company has the right kind of specialists on board, it stands to gain a lot.
6.Improved Connectivity
Whether it’s connecting a business owner to their employees, or connecting those employees to each other. It’s hard to deny that communication has taken on a new form today thanks to modern technology. It’s also a sector that keeps growing at a rapid pace. Businesses also have easier and more convenient access to a variety of services and products that can benefit them. Pay off debt is easier than ever, and it doesn’t take a lot of effort to compare the best deals on the market, which is quite important.
7.Enablement of Remote Working
Although remote work has grown steadily over the past 15 years, Covid-19 forced companies not already promoting a remote work environment to make the transition more quickly than expected. And it’s likely a good thing that is here to stay
Instead of managing by hours spent in the office, leads had to shift to measuring employee output. There’ve been a lot of benefits to this new normal. Not only is it easier to attract and retain talent, but it’s also increased productivity. One interesting two year Stanford study showed an incredible productivity boost among remote workers equivalent to a full day’s work each week! And there’s more; it’s saved high costs in real estate, cut back on carbon emissions, and makes companies more agile and scalable.
Conclusion
It’s important to stay on top of the technological progress we’re currently going through as there is a lot to gain from making proper use of solutions that have been released on the market recently. On the other hand, it’s not always a simple and straightforward process and may require some creative thinking and/or deep learning in order to pull off correctly. It’s definitely well worth the effort in the long run though, as the benefits for any business are huge.
